eco365 | undergraduate
Principles Of Microeconomics
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The Fundamentals of Microeconomics
- Describe the economic foundations that explain how people make decisions and interact.
- Illustrate how the models of supply and demand work.
Market Dynamics and Efficiency
- Demonstrate how supply and demand determine the price and quantity exchanged of goods and services.
- Examine market outcomes and the effectiveness of different economic policies using the concepts of consumer surplus and producer surplus.
Elasticity and Consumer Choice
- Calculate how quantity supplied and quantity demanded respond to changes in prices and income.
- Apply consumer choice theory to the decisions made by consumers to maximize their utility.
The Microeconomics of Product Markets
- Calculate the different costs associated with the production of goods and services.
- Determine the short-run and long-run profit-maximizing outcomes of various market structures.
The Microeconomics of Resource Markets and Trade
- Analyze resource markets to determine resource prices and optimal resource utilization.
- Integrate the concepts of supply, demand, and market efficiency to analyze international trade and trade policies.
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